In addition to starting a business relationship with Greenbacker, SOLARCYCLE has received a Department of Energy grant to explore reducing the cost of solar panel processing. | Courtesy of Greenbacker Capital
Greenbacker Renewable Energy has formed a long-term partnership with SOLARCYCLE to recycle decommissioned solar panels cost effectively.
The agreement will give Greenbacker a secure recycling contract and two-year-old company SOLARCYCLE a volume of panels to help it scale its operations.
Jared Porpiglia, vice president of procurement at Greenbacker, said in a press release that “by committing to this exclusive, multi-year partnership with SOLARCYCLE, we’ve created a cost reduction roadmap that aligns with Greenbacker’s long-term owner-operator mindset.”
“Greenbacker is receiving access to advanced solar panel recycling at cost-effective rates because we’re helping SOLARCYCLE hit the scale needed to extract and sell even more value from each recycled panel – all while furthering our mission to empower a sustainable world,” Porpiglia added.
SOLARCYCLE’s proprietary technology allows it to extract 95% of the value from the silver, silicon, copper, aluminum and glass in solar panels, exceeding the industry standard of below 50%, the press release noted.
In May, the U.S. Department of Energy also awarded SOLARCYCLE with a grant to study cost-reduction strategies for mining and refining the metals from panels to make a circular product.
Under the agreement with Greenbacker, SOLARCYCLE will create tailored recycling systems at a number of Greenbacker locations, including two of its largest solar projects in New York State. The two companies hope the partnership will be a model for how to build out low-cost and sustainable domestic circular supply chains in the U.S.
Jesse Simons, chief commercial officer and co-founder of SOLARCYCLE, said in the press release that “as we grow and secure additional exclusive partnerships with sustainability-minded companies like Greenbacker, the cost of advanced recycling becomes increasingly attractive.”
“We are grateful for the trust and long-term partnership of Greenbacker, whose leadership will ensure that solar only grows more sustainable in the next few decades,” Simons added.